Emerging Africa Group has successfully acted as the financial adviser and lead issuing house for the NEN Infrastructure Limited 10-year private bond.
A statement from Emerging Africa on Wednesday indicated that the bond was oversubscribed, showcasing strong investor interest.
This bond facilitated the full repayment of a N36bn Syndicated Bridge Finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank, and WEMA Bank. Additionally, it raised extra funds to finance various infrastructural projects in Bauchi State, targeting critical areas such as food security, road transportation, commerce, and social cohesion.
“The funds raised will be instrumental in driving numerous infrastructure projects in Bauchi State, addressing pressing needs within the State. Sponsored and guaranteed by the government of Bauchi State of Nigeria, this issuance is the first tranche in a N100bn program approved by the issuer,” the firm stated.
Executive Vice Chair at Emerging Africa Capital, Dr. Toyin Sanni, commented on the deal, affirming that the success of the bond demonstrated the confidence in the administration of Governor Bala Mohammed. Dr. Sanni also highlighted the expertise and tenacity of the financial advisers, Emerging Africa Capital Advisory Limited, and the commitment and professional abilities of all parties involved in the transaction.
Emerging Africa is a leading investment banking and financial services group, dedicated to catalyzing the growth of African businesses and communities through environmental, social, and governance-led solutions.
The firm also disclosed its ambitious plans to raise and deploy up to N250bn towards projects in Northern Nigeria between 2022 and 2027.
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